Adelphia Drags Down C-COR's Earnings

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Quarterly revenue rose, but problems at Adelphia Communications Corp. sent
C-COR.net Corp.'s fiscal results spinning into the red.

Quarterly net sales reached $69.2 million compared with $38.8 million in the
year-earlier period, while full-year revenue reached $265.7 million versus
$223.3 million.

But the company posted a $37.2 million loss in the quarter, led by a $44.9
million allowance related to receivables from Adelphia.

C-COR said noncash impairment charges related to an April 2001 acquisition
and the closing of its Argentina facility also drove its net loss higher.

For the entire fiscal year, C-COR posted a net loss of $41.9 million from
continuing operations, compared with a $7.8 million net loss in the year-earlier
period.

Looking ahead, the company projected $110 million to $120 million in sales
but overall net losses with its acquisition of Philips Broadband
Networks.

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